Do I need to refinance my mortgage after divorce?
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Do I need to refinance my mortgage after divorce?
The right thing to do is to refinance after the divorce. The spouse staying in the house will need to refinance the mortgage in order to remove their ex from all rights and obligations to the property, but that’s not as simple as it sounds.
What happens if I can’t refinance after divorce?
If you’re not willing or able to sell or refinance your home, your other choice is to keep the home and the mortgage intact. Both parties remain on the loan and liable for the payment. This requires specific language in the divorce agreement about who will make the mortgage payments each month.
How do I refinance my mortgage after divorce?
If you qualify then:You can refinance and extend your mortgage to 95% of the property value.You can increase your home loan to pay out a divorce settlement.Your mortgage broker can get you a better interest rate when refinancing.You must meet standard bank policy without your partner’s income.
